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Subprime Financing

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November 2, 2017 - Industry News

CFPB: Longer-Term Loans Not Having Desired Effect for Borrowers, Finance Sources

The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.

Tags: auto finance, Consumer Financial Protection Bureau, default rates, Long Loan Terms, Subprime Financing

April 10, 2017 - Industry News

Morgan Stanley: Used-Car Values Could Fall by 50%

A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.

Tags: auto finance, Morgan Stanley, Stretching Loan Terms, Subprime Financing, used-vehicle pricing, vehicle depreciation

December 19, 2016 - Industry News

U Drive Acceptance Opens New Office in Sioux City, Iowa

Since 2013, UDAC had been sharing office space with its affiliated auto dealership, Big Deal Auto Plaza. According to Neil Evans, the company’s vice president, the finance source's higher-than-projected growth forced the moved to the new office.

Tags: Grand Opening, Loan Origination System, Subprime Financing, U Drive Acceptance Corp.

June 7, 2016 - Industry News

SNAAC Makes Greater Cincinnati's 'Top Workplaces of 2016' List

The Ohio-based auto finance company made Greater Cincinnati’s ‘Top Workplaces of 2016’ list. SNAAC was previously named a ‘Best Place to Work’ in 2015 and 2013.

Tags: auto financing, SNAAC, Subprime Financing, top workplace

March 2, 2016 - Industry News

Tom Hudson Joins Dealer Summit Roster

Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.

Tags: auto finance, buy-here, CFPB, FTC, pay-here, special finance, Subprime Financing, Tom Hudson

October 14, 2015 - Industry News

Westlake Now on RouteOne’s Econtracting Platform

With the new connection, dealers signed up with the auto finance source and for RouteOne’s econtracting solution can receive electronic validation and distribution, as well as a signing process that works on signature pads, tablets and nearly any touchscreen-enabled device.

Tags: RouteOne, Subprime Financing, Westlake Financial Services

October 1, 2015 - Industry News

Westlake Expanding Dallas Servicing Team

This week, Westlake Financial Service began its recruitment process as part of its plans to expand the servicing team in its Dallas production center, which opened its doors this past January.

Tags: auto finance, special finance, Subprime Financing, Westlake Financial Services

December 30, 2014 - Industry News

N.Y. Shuts Down Subprime Auto Lender

Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.

Tags: compliance, Dodd-Frank Act, Lawsuit, New York, Settlement, subprime, Subprime Financing

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